Siemens Energy Sued Over 401(k) Fees, Fund, Forfeiture Usage

Siemens Energy Inc.'s $3.5 billion 401(k) plan is plagued by high fees, an underperforming stable value fund, and a misuse of forfeited contributions, a former employee alleged in a new lawsuit.

The proposed class action says Siemens Energy, a Florida-based energy technology company that was spun off from Siemens AG in 2020, mismanaged its retirement plan by overpaying for administrative services. Siemens Energy workers paid average annual fees of $181 for 401(k) services when a reasonable annual fee would have been closer to $26 per person, plaintiff Brian Babinski said in the complaint.

• Babinski’s five-count lawsuit, filed Tuesday in ...